NFP has announced its acquisition of Elective Benefit Services, a Waterloo, ON-based firm that specializes in group benefits and retirement planning.

Elective Benefit has more than two decades of experience offering consultation, financial planning, and administration support to clients. A release noted that the firm’s expertise in group benefits and group retirement planning “aligns well” with NFP’s focus on expanding and diversifying its Canadian benefits business.

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Following the acquisition, Harold McAdam – president of Elective Benefit – joins NFP Canada as director. He will report to Dean Howard, managing director of benefits and retirement in Canada.

“NFP continues to invest in benefits offerings and demonstrates a commitment to delivering best-in-class solutions and services. This aligns perfectly with the values and philosophy we have put into practice for decades,” commented McAdam.

“Harold brings nearly 30 years of experience in the retirement and benefits space, managing specialized group plans for a range of organizations,” said NFP Canada president Greg Padovani, who added that NFP welcomes McAdam and his team of “well-respected, high-performing producers” to the family.

Read more: NFP reveals Canadian leadership changes

Padovani was named president of NFP’s Canadian operations as part of a leadership shuffle at the start of 2020; the company also appointed a new chief operating officer – John Belyea – and made several changes to its P&C management team.